Bank of India sells 18% stake in life insurance venture Star Union Dai-Ichi – Feedback

PSU lender Bank of India has sold 18% stake in its life insurance venture Star Union Dai-Ichi Life insurance to Japan’s largest life insurer Dai-Ichi, the lender informed in an exchange filing. The value of the transaction was not revealed by the state-run lender.

Just after its quarter four results were announced Bank of India chief M Rego had announced the PSU lenders intent to sell its non-core assets, including stake in its subsidiaries, with a target to raise Rs 1,000 crore. The shareholding of Dai-Ichi in the Indian life insurance venture will now increase from 26% to 44% while Bank of India’s shareholding will decrease from 30% to 48%. Union Bank will continue to hold 26%. This move comes after the new insurance rules allow foreign partners in insurance companies in India to increase their stake to 49%.

http://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-india-sells-18-stake-in-life-insurance-venture-star-union-dai-ichi/articleshow/52848093.cms

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